The economic downturn that has slammed clothing makers and retailers has taken a toll on Orange County's two mall chains as they try to resolve fashion missteps and falling sales. Anaheim- based Pacific Sunwear of California Inc. and Wet Seal Inc. of Foothill Ranch have been restructuring their businesses for more than a year now. But the weak retail market and Wall Street's turmoil haven't made turnarounds easy to come by.

Pacific Sunwear, which runs some 940 mall stores and outlets, has seen its stock fall about 90% for the year. It's the worst drop among similar retailers. The company had a market value of about $110 million as of last week.

Pacific Sunwear 's slump even prompted a long shot buyout bid last month from small retailer Adrenalina of Miami, which offered to pay $329 million in cash and stock for the company.

Pacific Sunwear rejected the offer.

Wet Seal, which runs 408 Wet Seal stores for teen girls and 91 Arden B. stores for young women, also has seen its shares tumble in recent months. But the company seems to be faring better than Pacific Sunwear.

Despite a recent drop, Wet Seal's stock still is up about 22% for me year as of last week with a market value of $255 million.

The company's better showing on Wall Street has a lot to do with its Chief Executive Edmond Thomas, who's leading Wet Seal through its second turnaround this decade.

He took the reins from former chief executive Joel Waller, who spent more than two and a half years reworking the company by trimming losses and spurring sales in the earlier part of the decade.

Waller left last year as gains from earlier in his tenure faded.

Thomas has helped Wet Seal cut costs and re-emerge as a fast fashion retailer by appealing to trend savvy consumers looking for value.

The company's niche in the fast fashion category, where cheap, chic retailers such as Los Angeles-based Forever 21 Inc. and Sweden's H&M Hennes & Mauritz AB's H&M thrive, could be giving it a leg up over Pacific Sunwear.

In an October report, Piper Jaffray & Co. analyst Jeffrey Klinefelter said Wet Seal is a "solid house" in a "great neighborhood."

The fast fashion category makes up 24% of the retailers that females prefer to shop at, according to Piper Jaffray's most recent "Taking Stock with Teens Survey."

Wet Seal came in at No. 3 in the survey after Forever 21 and San Diego's Charlotte Russe Holding Inc.

"Wet Seal is well-positioned in this economic environment as we enter the important holiday selling season," Thomas said on a conference call.

That's not to say the company hasn't had problems.

October was a difficult month for retailers across the board.